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CREDIT FACILITY (Tables) - Senior Secured Revolving Credit Agreement
12 Months Ended
Dec. 31, 2025
CREDIT FACILITY  
Schedule of credit facility net of prepaid loan structure fees

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December 31, 2025

​

December 31, 2024

Credit Facility payable

​

$

236,649,288

​

$

175,386,301

Prepaid loan structure fees

 

​

(3,481,928)

 

​

(3,071,986)

Credit Facility payable, net of prepaid loan structure fees

​

$

233,167,360

​

$

172,314,315

Schedule of interest expense and amortized loan fees

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For the year ended

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​

​

December 31, 2025

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December 31, 2024

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December 31, 2023

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Interest expense

​

$

12,953,758

​

$

13,561,089

​

$

14,723,463

​

Loan fee amortization

 

​

1,212,581

 

​

1,140,079

 

​

657,323

 

Total interest and financing expenses

​

$

14,166,339

​

$

14,701,168

​

$

15,380,786

​

Weighted average interest rate

​

 

7.2

%  

 

8.3

%  

 

7.9

%  

Effective interest rate (including fee amortization)

​

 

7.9

%  

 

8.9

%  

 

8.3

%  

Average debt outstanding

​

$

180,241,351

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$

164,265,069

​

$

186,144,622

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Cash paid for interest and unused fees

​

$

12,870,599

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$

13,548,076

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$

14,523,350

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